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CONDENSED BALANCE SHEETS (UNAUDITED) (USD $)
May 31, 2012
Feb. 29, 2012
CURRENT ASSETS:    
Cash and cash equivalents $ 1,214,700 $ 760,100
Accounts receivable, less allowance for doubtful accounts and sales returns $529,300 (May 31) and $556,300 (February 29) 3,306,300 3,575,000
Inventories—Net 10,277,400 9,854,000
Prepaid expenses and other assets 190,700 277,100
Deferred income taxes 346,100 379,800
Total current assets 15,335,200 14,846,000
INVENTORIES—Net 503,000 548,000
PROPERTY, PLANT AND EQUIPMENT—Net 1,986,500 2,000,400
INVESTMENT IN NONMARKETABLE EQUITY SECURITIES 332,800 250,000
OTHER ASSETS 301,100 301,100
DEFERRED INCOME TAXES 61,700 65,900
TOTAL ASSETS 18,520,300 18,011,400
CURRENT LIABILITIES:    
Revolving credit agreement 250,000 250,000
Accounts payable 2,520,100 1,793,900
Accrued salaries and commissions 446,400 436,700
Income taxes payable 153,900 64,200
Dividends payable 470,000 469,600
Other current liabilities 576,100 779,400
Total current liabilities 4,416,500 3,793,800
COMMITMENTS 0 0
SHAREHOLDERS’ EQUITY:    
Common stock, $0.20 par value; Authorized 8,000,000 shares; Issued 6,041,040 (May 31 and February 29) shares; Outstanding 3,916,766 (May 31) and 3,913,183 (February 29) shares 1,208,200 1,208,200
Capital in excess of par value 8,548,000 8,548,000
Retained earnings 16,005,100 16,124,900
25,761,300 25,881,100
Less treasury stock, at cost (11,657,500) (11,663,500)
14,103,800 14,217,600
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 18,520,300 $ 18,011,400